Vote Smart's Synopsis:

Vote to adopt an amendment that modifies and extends certain tax credits and deductions for renewable energy development.

Highlights:

• Extends tax credits until January 1, 2010, for the establishment of certain facilities that produce power by using wind energy, biomass energy, geothermal energy, solar energy, small irrigation power, landfill gas, trash combustion, refined coal production, and hydropower, while also expanding these tax credits so as to apply to certain new marine and hydrokinetic facilities.

• Extends certain tax credits for the development of solar energy until January 1, 2017 and for the development of fuel cell energy until December 31, 2017.

• Extends the expiration date of the "residential energy efficient property" credit (which provides a tax credit of 30 percent of expenditures on certain types of solar energy) from December 31, 2008, until December 31, 2009, and removes the $2,000 credit limit on solar electric energy.

• Extends the expiration date of the "new energy efficient home" credit (which applies to certain new homes that meet specific energy conservation criteria) from December 31, 2008, to December 31, 2010.

• Extends the "energy efficient commercial buildings" deduction until December 31, 2009, and increases the maximum deduction from $1.80 to $2.25 per square foot.

• Modifies energy efficient appliance credit levels and extends certain credits through the 2010 calendar year.

• Extends the authority to issue "clean renewable energy bonds" until December 31, 2009, and increases the limitation on the cumulative value of these bonds from $1.2 billion to $1.6 billion.

Full Bill Text

Full Bill Text